Second price cut for the house on Cognewaugh

297 Cognewaugh Road, now at $1.995 million.

A flip project, we wrote about it back in August when it hit the market at $2.495. Your editor expressed ambivalence about that price then, while readers were even less enthusiastic.

I understand the thinking of asking a high price: “in this market, why not try?”, but my gut tells me, with no statistical research to back it (I should be developing vaccines) that it’s the high-end buyers that are tossing their money around with abandon.

Buyers in the “lower-priced” range, as that term applies in Greenwich, are probably stretching as far as they can reach, or farther, while our mega-bucks crowd simply wants what it wants, and is willing to pay what it takes to get it. If you’ve got $500 million cooling its heels in a cardboard box in the closet, does it really matter if you overpay a few million on a $9 million house? Apparently not.